Transmission of Quarterly Accounts for the period ended June 30, 2025

THE PREMER SUGAR MILLS & DISTILLERY COMPANY LIMITED

CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025

(UN-AUDITED)

THE PREMIER SUGAR MILLS & DISTILLERY CO., LIMITED COMPANY INFORMATION

Board of Directors

Abbas Sarfaraz Khan Chief Executive

Ms. Najda Sarfaraz Chairperson

Ms. Zarmine Sarfaraz Director

Mr. Iskander M. Khan Director

Mr. Nusrat Ali Khan Director

Mr. Shahbaz Haider Agha Independent Director

Ms. Shahida Ahmad Independent Director

Company Secretary

Mr. Mujahid Bashir

Chief Financial Officer

Mr. Rizwan Ullah Khan

Head of Internal Audit

Mr. Zaheer Mir

Auditors

M/s. Shinewing Hameed Chaudhri & Co.

Chartered Accountants

Tax Consultants

M/s. Shinewing Hameed Chaudhri & Co.

Chartered Accountants

Legal Advisors

Mr. Ishaq Ali Qazi

Advocate

Share Registrar

M/s. Hameed Majeed Associates (Pvt.) Limited

H.M. House, 7- Bank Square, Lahore

Phone No.: 042-37235081 Fax No : 042-37235083

Bankers

Bank Al- Habib Limited The Bank of Khyber

MCB Bank Limited United Bank Limited

Allied Bank Limited The Bank of Punjab

Bank Al Falah Limited Faysal Bank Limited

Habib Bank Limited National Bank of Pakistan

THE PREMIER SUGAR MILLS & DISTILLERY CO., LIMITED

DIRECTORS' REVIEW REPORT

The Directors are pleased to present the un-audited condensed interim financial information of the Company for the nine months' period that ended on June 30, 2025. This condensed interim financial information is presented to the shareholders of the Company in compliance with the International Accounting Standard No. 34 "Interim Financial Reporting", the Code of Corporate Governance, under Section 237 of the Companies Act, 2017 and the Listed Companies (Code of Corporate Governance) Regulations, 2019.

FINANCIAL PERFORMANCE

The Company incurred a loss after taxation of Rs. 322.871 million for the nine-month period ended June 30, 2025, compared to a profit of Rs. 134.966 million in the same period last year Despite a significant rise in net sales to Rs. 1.442 billion from Rs. 527 million in the previous year, the Company's profitability continued to decline due to ongoing operational and cost challenges. The increase in sales was mainly driven by the Ethanol Division, which contributed a large portion of the revenue and partially reduced the overall impact of losses from the Sugar Division.

OPERATIONAL PERFORMANCE DISTILLERY DIVISION

During the reporting period, the Ethanol Division outperformed expectations, producing 8,321 metric

tons of ethanol. It recorded total sales of Rs. 1.268 billion, with Rs. 1.101 billion generated from exports and Rs. 166 million from local sales. The division posted a healthy gross profit and segment operating profit, reflecting the successful operation of the upgraded ethanol plant and improved access to international markets, which played a key role in this strong performance.

SUGAR DIVISION

The company is facing tough competition from the tax-free commercial gur manufacturing, causing sugarcane prices in the area to be 30% higher than in other regions, coupled with the reduced sugarcane availability compared to previous years. The management has decided to close the sugar operations to prepare for the next crushing season.

FUTURE OUTLOOK/ECONOMICAL CHALLENGES

• The European Commission has suspended Pakistan's Generalized Scheme of Preferences Plus (GSP+) status for ethanol imports, effective June 20, 2025. The suspension follows a request submitted in May 2024 by six EU member states, citing concerns over Pakistan's ethanol exports disrupting the EU market since 2022. This development is expected to adversely affect

the Company's ethanol sales to the European market and may lead to pressure on margins and a potential decline in profitability in the upcoming periods.

ACCOUNTING POLICIES

The accounting policies adopted in the preparation of this quarterly condensed interim financial information are the same as applied in the preparation of the preceding annual financial statements of the Company.

ACKNOWLEDGEMENT

The Directors appreciate the spirit of good work done by the Company's staff at all levels.

FOR AND ON BEHALF OF THE BOARD

ڈٹيمل ینپمک یرلٹسڈ ڈنيا زلم رگوشريميئرپ ید ٹروپر هزئاج یک زرٹکيرئاڈ

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2025 ,ᣍ᡽ ﻻوج28

The Premier Sugar Mills & Distillery Company Limited

Unconsolidated Condensed Interim Statement of Financial Position as At June 30, 2025

Assets Note (Rupees in thousand)

Non-current Assets

Property, plant and equipment 5 3,466,260 3,405,361

Investment property 19,442 19,633

Long term investments 6 170,006 170,006

Security deposits 2,059 1,809

3,657,767 3,596,809

Current Assets

Stores and spares

Stock-in-trade 7

Trade debts, unsecured-considered good

Advances 8

Trade deposits and short-term prepayments 9

Other receivables 10

Sales tax refundable

Income tax refundable, advance tax and tax deducted at source Bank balances 11

186,246

751,766

76,015

40,176

6,160

13,303

278,611

48,329

86,789

131,585

240,950

29

33,669

5,119

6,924

0

19,166

62,217

1,487,395 499,659

Total Assets 5,145,162 4,096,468

Equity and Liabilities

Share Capital and Reserves

Authorised capital 57,500 57,500

Issued, subscribed and paid-up capital 37,500 37,500 Capital reserves

• share redemption 1 1

• revaluation surplus on property, plant and equipment 1,338,783 1,439,748 General revenue reserve 900,000 900,000

Accumulated loss (731,186) (509,280)

Shareholders' Equity 1,545,098 1,867,969

Non-current Liabilities Long term finances Lease liabilities

Staff retirement benefits - gratuity Deferred taxation

Current Liabilities

Trade and other payables 12

Contract liabilities Unclaimed dividends Accrued mark-up

Loan from subsidiary company Short term borrowings

Current portion of non-current liabilities Taxation

Total Liabilities 3,600,064 2,228,499

Contingencies and Commitments 13

Total Equity and Liabilities 5,145,162 4,096,468 The annexed notes form an integral part of these unconsolidated condensed interim financial statements.

Chief Executive Director Chief Financial Officer

The Premier Sugar Mills & Distillery Company Limited Unconsolidated Condensed Interim Statement of Profit

or Loss and Other Comprehensive Income (Un-audited) For the Quarter and Nine Months Period Ended June 30, 2025

For the Quarter Nine Months Ended

Total comprehensive (loss)/ profit (19,782) 547,358 (322,871) 134,966

---------------------- Rupees ----------------------

(Loss)/ earning per share (5) 146 (86) 36

The annexed notes form an integral part of these unconsolidated condensed interim financial statements.

Chief Executive Director Chief Financial Officer

The Premier Sugar Mills & Distillery Company Limited

Unconsolidated Condensed Interim Statement of Cash Flows (Un-audited) For The Nine Months Ended June 30, 2025

Nine Months Ended June 30, June 30,

2025 2024

(Rupees in thousand)

The annexed notes form an integral part of these unconsolidated condensed interim financial statements.

Chief Executive Director Chief Financial Officer

THE PREMIER SUGAR MILLS & DISTILLERY COMPANY LIMITED

Unconsolidated Condensed Interim Statement Of Changes In Equity (Un-Audited) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025

-------------------------- Rupees in thousand --------------------------

for the period

Profit after taxation for the

Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation for the period

Transfer from surplus on revaluation of property, plant and equipment

on account of incremental depreciation for the period

The annexed notes form an integral part of this condensed interim financial information.

Chief Executive Director Chief Financial Officer

The Premier Sugar Mills & Distillery Company Limited

Notes to the unconsolidated condensed interim financial statements (Un-audited) For the Nine Months Period Ended June 30, 2025

1. Legal status and nature of business

   The Premier Sugar Mills & Distillery Company Limited (the Company) was incorporated on July 24, 1944 as a Public Company and its shares are quoted on Pakistan Stock Exchange Ltd. The Company is principally engaged in manufacture and sale of white sugar and spirit. The Company's Mills and Registered Office are located at Mardan (Khyber Pakhtunkhwa) whereas the Head Office is situated at King's Arcade, 20-A, Markaz F-7, Islamabad. The Company has shifted its distillery from Mardan to Ramak Dera Ismail Khan during the financial year ended September 30, 2020.

2. Basis of preparation

   1. Statement of Compliance

      These unconsolidated condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34, ''Interim financial reporting'', issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

      • Provisions of and directives issued under the Companies Act, 2017.

        Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IFRS standards, the provisions of and directives issued under the Companies Act, 2017 have been followed.

   2. These interim financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the annual audited financial statements of the Company as at and for the year ended September 30, 2024.

   3. The comparative unconsolidated condensed interim statement of financial position presented in these interim financial statements has been extracted from the audited financial statements of the Company for the year ended September 30, 2024, whereas the unconsolidated condensed comparative interim statement of profit or loss & other comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows have been extracted from the un-audited condensed interim financial statements for the period ended June 30, 2024.

   4. These interim financial statements are un-audited and are being submitted to the shareholders as required by the listing regulations of Pakistan Stock Exchange Ltd. vide section 237 of the Companies Act, 2017.

   5. Basis of measurement

      These interim financial statements have been prepared under the historical cost convention except for the Company's liability under defined benefit plan (gratuity), which is determined on the present value of defined benefit obligations determined by an independent actuary, liabilities against assets subject to finance lease at present value of minimum lease payments and property, plant and equipment at revalued amounts assessed by an independent valuer.

   6. Functional and presentation currency

      These condensed interim financial statements are presented in Pak Rupees, which is also the Company's functional currency. All amounts have been rounded to the nearest thousand, unless otherwise stated.

3. Significant accounting policies

   The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of audited annual financial statements of the Company as at ended September 30, 2024.

   
   
   

   1. Changes in accounting standards, interpretations and pronouncements

      1. Standards and amendments to approved accounting and reporting standards that are effective

         There are certain amendments and interpretations to the accounting and reporting standards, which are mandatory for the Company's annual accounting period commenced on October 01, 2022. However, these do not have any significant impact on the Company's financial reporting and, therefore, have not been disclosed in these condensed interim financial statements.

      2. Standards and amendments to approved accounting and reporting standards that are not yet effective

      There are certain amendments and interpretations to the accounting and reporting standards, that will be mandatory for the Company's annual accounting periods commencing on or after January 01, 2021. However, these will not have any material impact on the Company's financial reporting and, therefore, have not been disclosed in these condensed interim financial statements.

4. Accounting estimates, judgments and financial risk management

   1. The preparation of condensed interim financial statements in conformity with accounting and reporting standards, as applicable in Pakistan, requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

   2. The significant judgments made by the management in applying the Company's accounting

      policies and the key sources of estimation uncertainty were the same as those that were applied to the annual audited financial statements of the Company as at and for the year ended September 30, 2024.

   3. The Company's financial risk management objectives and policies are consistent with those disclosed in the audited annual financial statements as at and for the year ended September 30, 2024.

   4. The Company follows the practice of conducting actuarial valuation annually at the year-end. Hence, the impact of remeasurement of staff retirement benefits - gratuity has not been incorporated in these condensed interim financial statements.

5. Property, plant and equipment Un-audited Note June 30, 2025

   (Rupees in thousand)

   Operating fixed assets 5.1 3,318,846

   Capital work in process 147,413

   3,466,260

   1. Operating fixed assets

      Book value at beginning of the period - audited 2,191,100

      Additions during the period

      • furniture, fittings & offices equipment 1,491

      • Vehicles (right of use assets) 4,612

      • plant and machinery 1,340,205

      • buildings on freehold land 3,005

      • vehicles disposal (116)

      • Railway rolling stock and vehicles 323

        Depreciation charge for the period (221,772)

        Book value at end of the period - un-audited 3,318,846

        
        
        

6. Long term investments

   Market values of the Company's quoted investments in Chashma Sugar Mills Ltd. (a Subsidiary Company) and Arpak International Investments Ltd. (an Associated Company) at period-end were Rs.839.636 million (September 30, 2024: Rs.825.060 million) and Rs.13.164 million (September 30, 2024: Rs.11.782 million) respectively.

7. Stock-in-trade Un-audited Audited

June 30, Sep 30,

Note 2025 2024

(Rupees in thousand)

(Rupees in thousand)

Due to related parties:

There has been no significant change in the status of contingencies as disclosed in note 25 to the financial statements of the Company for the year ended September 30, 2024.

13.2 The Company's appeal filed before the Peshawar High Court (PHC) against order of the Customs; Sales Tax & Central Excise Appellate Tribunal is still pending adjudication. The Department, during the financial year ended September 30, 2001, had raised sales tax demand aggregating Rs.4.336 million along with additional tax. The Company, however, during the financial year ended September 30, 2005, had paid sales tax amounting Rs.2.123 million along with additional tax amounting Rs.0.658 million as per the requirements of S.R.O. 247(I) / 2004 dated May 05, 2004.

13.3

13.4

13.5

13.6

13.7

13.8

13.9

Petitions filed before the Supreme Court of Pakistan (SCP) against imposition of Gas Infrastructure Development Cess (GIDC) were dismissed vide judgment dated August 13, 2020 in 2-1 ratio. The SCP's judgment stated that the cess under GIDC Act, 2015 was levied on those consumers of natural gas which on account of their industrial or commercial dealings had passed on GIDC burden to their customers. The SCP's judgment stated that no late payment surcharge would be collected while the GlDC amount that had become due upto July 31, 2020 would be recovered in 24 equal monthly instalments. Based on this judgment, the Company has filed the a writ petition before the PHC challenging the demand of GIDC arrears amounting Rs. 29.936 million on the ground that the Company has not passed on GIDC burden to its customers. The PHC, vide its order dated September 19, 2021, has granted interim relief.

The Company's petition filed before the PHC, against the Government of Khyber Pakhtunkhwa's notification dated August 12, 2015 in which minimum wages for unskilled workers was fixed at Rs.12,000 per month with effect from July 01, 2014 was dismissed by the PHC vide its judgment dated April 02, 2019. The Company has filed a review petition before the PHC against the said judgment; the additional wage liabilities aggregate Rs.2.359 million approximately.

The sales tax appeal filed before the Appellate Tribunal Inland Revenue (ATIR), Peshawar against ex-parte order passed by the CIR(A) was succeeded vide order dated March 29, 2018. The assessment order dated June 23, 2016 was passed by the DCIR, Peshawar in violation of SRO 488(I)/2004 dated June 12, 2014; the Company claimed input tax to the tune of Rs.41.672 million against the supplies to unregistered persons. A withdrawal application has been filed before the ATIR, Peshawar in pursuance of the aforesaid rectification order.

The DCIR for the tax year 2013 initially has held the Company as taxpayer-in-default for non-deduction of tax on certain supplies / services and tax demand was raised at Rs.77.750 million under section 161 (Failure to pay tax collected or deducted) along with default surcharge of Rs.4.730 million under section 205 (Default surcharge) of the Income Tax Ordinance, 2001 (the Ordinance). The Company filed rectification application under section

221 of the Ordinance and the demand was reduced to Rs.237,360. Against the said demand, the Company has filed an appeal before the CIR(A), who dismissed the Company's appeal. Presently, the Company's appeal against the CIR(A)'s order is pending before the ATIR, Peshawar.

The Company has filed a writ petition before the PHC challenging Federal Government Order No.1(1) 2020 ROP dated July 16, 2021 and Provincial Government Order No.13/12-Sugar /IND / Vol-V / 7862 dated July 16, 2021 issued under section 6 of the Price Control and Prevention of Profiteering and Hoarding Act ,1977 whereby the retail price of sugar at the rate of Rs.88.24 per kilo gram was fixed. The PHC, vide its order dated July 30, 2021, has allowed interim relief and ordered that in the meanwhile status que be maintained.

Various cases have been filed against the Company by some former employees. Based on legal advice, no provision has been made in the books of account.

Guarantees given to Sui Northern Gas Pipelines Ltd. by commercial banks on behalf of the Company outstanding as at June 30, 2024 were for Rs.37.340 million (September 2024: Rs.37.340 million).

1. Sales - Net

   Quarter ended Nine Months Ended

   June 30,	June 30,	June 30,	June 30,
   2025	2024	2025	2024

   Sales - - - - - - - - - - - Rupees in thousand - - - - - - - - - - - -

   Local	202,933		110,612		357,523		622,144
   Export	743,122		0		1,140,144		0
   	946,054		110,612		1,497,666		622,144

   
   
   

2. Other income Un-audited

   nine months ended

   June 30,

   2025

   June 30,

   2024

   Income from financial assets: Note (Rupees in thousand) Profit on bank deposits and saving accounts 5,827 4,054 Dividend from a Subsidiary Company 0 68,755 Income from other than financial assets:

   Un-claimed payable balances written-back 0 525

   Sale of agricultural produce - net 18,373 20,028

   Gain on sale of fixed assets 35 586,208

   Miscellaneous 52,798 1,704

   77,033 681,275

3. Other expenses

   Exchange loss 787 0

   Others 0 4

   787 4

4. Taxation

   Current 17.1 18,932 16,926

   Deferred (85,227) (174,682)

   (66,295) (157,756)

   1. The Company during the current period and preceding years is mainly liable to pay tax due under sections 5 (Tax on dividends), 113 (Minimum tax on the income of certain persons) and 154 (Exports) of the income Tax Ordinance, 2001 (the Ordinance).

5. Operating segment

   Upto June 30, 2025, the Company considered itself to be a single reportable segment on the basis of its internal reporting structure. The Company's reportable segments during the current period are as follows:

   - Sugar - Distillery

   1. Segment operating results for the nine months period ended June 30, 2025

      	Sugar Division	Ethanol Division		Total
      	June 30,	June 30,
      	2025	2025
      Sales
      - Local	191,290	166,233		357,523
      - Export	38,747	1,101,397		1,140,144
      	230,037	1,267,629		1,497,666
      Less: sales tax	(30,421)	(25,358)		(55,778)
      Sales - net	199,617	1,242,272		1,441,888
      Cost of sales (451,823) (973,460) (1,425,283)
      Gross (loss) / profit	(252,206)	268,812		16,606
      Distribution cost	(1,951)	(160,438)		(162,388)
      Other Expenses	-	(787)		(787)
      Administrative expenses	(93,759)	(2,175)		(95,934)
      	(95,709)	(163,400)		(259,110)
      (Loss) / profit from operations (segment results)	(347,915)	105,411		(242,504)
      Other income				77,033
      				(165,471)
      Finance cost				(223,695)
      Loss before taxation				(389,166)
      Taxation				66,295
      Loss after taxation				(322,871)

      
      
      

   2. Segment assets and liabilities

      Un-audited Nine Months Ended

      June 30, June 30,

      2025 2025

      Assets Liabilities

      Sugar 3,421,140 3,357,071

      Ethanol 1,724,022 242,990

      Total for reportable segment 5,145,162 3,600,064

6. Transactions with related parties 19.1

   The Company has related party relationship with its Subsidiary and Associated Companies, employee benefit plans, its directors and key management personnel. Transactions with related parties are carried-out on arm's length basis. There were no transactions with key management personnel other than under the terms of employment. Aggregate transactions with Subsidiary and Associated Companies during the period were as follows:

   Un-audited nine months ended

   June 30, June 30,

   2025 2024

   Subsidiary Companies: (Rupees in thousand)

   - purchase of store items	24,197	3,839
   - markup on loan from Subsidiary Company	29,833	0
   - temporary loan from Subsidiary Company	350,000	0
   - receipt against sale of building	0	50,885
   - dividend	0	68,755
   - rent expense	86	86
   - Expenses paid by the Company	7,775	3,489
   - Expenses paid on behalf of the Company	172,476	40,678

   Associated Companies:

   - purchase of store items 5,710 14,927

   1. Receivables from and payables to Subsidiary and Associated Companies have been disclosed in notes 10 and 14 respectively to these unconsolidated condensed interim financial statements.

   2. Return has not been charged on the current account balances of Subsidiary and Associated Companies as these have arisen due to normal trade dealings.

7. Corresponding figures

   Corresponding figures have been re-arranged and re-classified, wherever necessary, for the purposes of comparison; however, no significant re-classifications / re-statements have been made to these condensed interim financial statements.

8. Date of authorization for issue

These unconsolidated condensed interim financial statements were approved and authorized for issue by the Board of Directors of the Company on July 28, 2025.

Chief Executive Director Chief Financial Officer

THE PREMER SUGAR MILLS & DISTILLERY COMPANY LIMITED

CONDENSED INTERIM UNCONSOLIDATED FINANCIAL INFORMATION

FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2025

(UN-AUDITED)

The Premier Sugar Mills & Distillery Company Limited

Condensed Interim Consolidated Statement of Financial Position As At June 30, 2025

Un-audited Audited

June 30, Sep. 30,

2025 2024

Assets Note

Non-current assets

(Rupees in thousand)

The annexed notes form an integral part of these condensed interim consolidated financial statements.

Chief Executive Director Chief Financial Officer

The Premier Sugar Mills & Distillery Company Limited Condensed Interim Consolidated Statement of Profit or Loss For The Quarter And Nine Month Period Ended June 30, 2025

Quarter ended Nine month period ended

Note June 30 June 30 June 30 June 30

2025 2024 2025 2024

--------------------- Rupees in thousand ------------------

Sales

--------------------------- Rupees ---------------------------

Combined (loss) per share -50.10 -299.35 -358.19 -398.20 The annexed notes form an integral part of these condensed interim consolidated financial statements.

Chief Executive Director Chief Financial Officer